On completion of the proposed acquisition, Alivira will become a wholly owned subsidiary of Sequent Scientific, it said in its filing.
Shares of Sequent Scientific hit a new high of Rs 755 intraday Wednesday, up 6.2 percent after Alivira Animal Health became a wholly owned subsidiary of the pharmaceutical company.
Board of directors of the company today approved the consolidation of shareholding in Alivira, the manufacturer of veterinary APIs & formulations, by acquiring all the shares (99,97,941 shares) held in Alivira from Unit Trust of India Investment Advisory Services Limited A/c Ascent India Fund III and Devicam Capital LLP i.e., 99,97,941 shares.
On completion of the proposed acquisition, Alivira will become a wholly owned subsidiary of the company, it said in its filing.
It added that the consideration towards the acquisition of 99,97,941 Alivira shares will be settled through issue of 35,85,413 equity shares of Sequent Scientific (stocks swap), through preferential allotment to Ascent and Devicam.
Sequent will issue 28,27,679 shares to UTI Investment Advisory Services and 7,57,734 shares to Devicam Capital on preferential basis, for consideration other than cash, at a price of Rs 669.10 per equity share.
At 09:38 hours IST, the scrip of Sequent Scientific was quoting at Rs 741.50, up Rs 30.75, or 4.33 percent on the Bombay Stock Exchange.
Posted by Sunil Shankar Matkar
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